Page 1 of 2 12 LastLast
Results 1 to 25 of 26

Thread: What do I keep track of?

  1. #1
    Member
    Joined
    Oct 2003
    Posts
    23
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default What do I keep track of?

    I know that we are supposed to keep track of income and receipts for the clothes etc. What else do I need to do to make sure that my first time filing as an "entertainer" is easy on the preparer & myself?
    Do you report all of your earnings, just tab earnings or only what is traceable like rent, car note, savings/checking acct? Any feedback would be greatly appreciated.

  2. #2
    God/dess
    Joined
    Feb 2002
    Location
    OUTTATHISWORLD
    Posts
    7,219
    Thanks
    0
    Thanked 23 Times in 15 Posts

    Default Re:What do I keep track of?

    well, you're supposed to report all your income. I keep track of mine by recording everynight what I've made. Also I keep track of things like cost for babysitter, travel (plane, car rental, tolls) if I've traveled out of the area. For items related to the profession (ie: costumes, shoes, licensing for different cities) I keep the receipts and toss them in a shoebox to be sorted out later.


  3. #3
    aussiepunkshocker
    Guest

    Default Re:What do I keep track of?

    I keep track of what I earn at the end of every shift in a diary and also list profits and losses monthly in a folder. I have 3 reciept folders - 1 for travel reciepts, 1 for other expenses, (make-up, shoes, work fees, razors, and anything else I have to buy in relation to work,) I sort them out monthly when I do the profit and loss. The 3rd reciept folder is used for all reciepts in the current month.
    I record everything I earn, but I'm sure alot of people don't. I think it's to my advantage to be honest about it as I want to buy property sometime in the not so near future. I doubt I'd get a loan if my earnings looked megre. Besides almost everything I spend my $ on these days is claimable when I do tax. (-:

  4. #4
    God/dess
    Joined
    Feb 2002
    Location
    OUTTATHISWORLD
    Posts
    7,219
    Thanks
    0
    Thanked 23 Times in 15 Posts

    Default Re:What do I keep track of?

    Aussie, do you do australian taxes or do you work in the usa?


  5. #5
    Senior Member Diva's Avatar
    Joined
    Mar 2004
    Location
    NYC Manhattan
    Posts
    98
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re:What do I keep track of?

    Quote Originally Posted by Jazmyne link=board=6;threadid=10516;start=msg129344#msg129 344 date=1088397034
    I know that we are supposed to keep track of income and receipts for the clothes etc. What else do I need to do to make sure that my first time filing as an "entertainer" is easy on the preparer & myself?
    Do you report all of your earnings, just tab earnings or only what is traceable like rent, car note, savings/checking acct? Any feedback would be greatly appreciated.
    You will need to keep track of everything. Get a black/note book or calendar and keep a record of the days you work, earnings and the fees paid as well as costumes, travel, make-up, transportation, manicure, pedicure, facials, massages and the gym. Yes this is a part of your maintenance to keep you employable. Most of the time it's easier to use you credit card. Buy a receipt book and make them sign it everytime you pay your fees. God forbid you should ever get audited by the IRS ( those blood suckers ) they would ask for this as proof and if you don't have then they'll charge you back taxes, penalties and late fees. So take care.
    The sexiest most wanted stripper in NYC.
    Live like a movie star, party like a rock star and fuck like a pornstar!...

  6. #6
    Featured Member Lilith's Avatar
    Joined
    Oct 2003
    Location
    Florida
    Posts
    1,309
    Thanks
    0
    Thanked 14 Times in 11 Posts

    Default Re:What do I keep track of?

    I have a calendar-style ledger. Every night I note my gross earnings. Out of that, I list how much went to the house, how much for house cuts, how much for the DJ, and how much for the bouncers. Then I fill in my net.

    You could get really anal, like me, and use that to calculate your hourly income, your weekly income, and your daily averages (by month, week or specific weekday). But that might be asking too much.

    I keep all receipts. I could give you a list, but I am sure I would leave something out on which you would wonder eventually, so just save everything. I staple an envelope to each month's page and toss the receipts in there.

    All this plus the money-handling takes me less than ten minutes every night. It's really no trouble once you get in the habit.
    He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you. ~ Friedrich Nietzsche

  7. #7
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:What do I keep track of?

    I have a calendar-style ledger. Every night I note my gross earnings. Out of that, I list how much went to the house, how much for house cuts, how much for the DJ, and how much for the bouncers. Then I fill in my net.
    Just a small word to the wise ... When I work for a club which charges house 'cuts' on private dances and champagne room, I never actually record the theoretical amount I earned but wasn't paid. In other words, to use a basic example, if I work at a club which charges customers $20 per private dance but then keeps $5 per private dance, I only record $15 per dance as gross income. The reason for this is that if I did record $20 per dance as gross income and then deducted $5 per dance as a club business expense, this provides the IRS with a higher gross income figure as well as the possibility of disallowing the $5 a dance business expense deduction for lack of documentation. Instead, by factoring in my actual $15 per dance as gross earnings, attempting to deduct a $50 or $100 nightly stage fee paid to the club is much more plausible and much less likely to be contested.

    You're correct that other payouts to a DJ, bouncer, waitress, house mom etc. need to be kept separate. That is because, from a legal standpoint, you are actually making these payments to different independent contractor businesses rather than to the club itself. This can be important if the IRS attempts to disallow any of these payouts when you try to deduct them as business expenses. If they are kept separate, having some of these business expenses disallowed is better than having ALL of the business expenses questioned or disallowed because you lumped together your stage fees and tipouts.

    ...as well as costumes, travel, make-up, transportation, manicure, pedicure, facials, massages and the gym. Yes this is a part of your maintenance to keep you employable.
    To be technically correct, these deductions fall into three categories. Costumes and shoes are deductible for dancers in all cases as (employee) business expenses and never disputed. Travel, transportation, tipouts, stage fees etc. are deductible for dancers who are considered to be independent contractors, and are seldom disputed as long as the dancer has kept documentation to support these business expenses.

    However, manicures, pedicures, facials, gym memberships etc. fall into a gray area in regard to being 'legal' business expense tax deductions. If the IRS wants to play hardball, they can and will use the argument that these sort of expenses fail the "housewife test" and are therefore not legally deductible. The rationale is that if a housewife would choose to spend money on manicures, pedicures, facials, gym memberships etc. but is not a dancer (and therefore has absolutely no business reason to do so), then the benefits which derive from manicures, pedicures, facials, gym memberships etc. must be personal in nature and therefore are not allowable business expense tax deductions. This is the same exact principle that says that C or D cup breast implants are not deductible because lots of housewives get them, but huge breast implants are legal deductions because they clearly have a business reason for a dancer to get them while essentially no housewives would want huge breast implants.

    With any of these gray area deductions, it never hurts to try and claim them. If you are ever audited, it is then up to the discretion of the IRS agent whether or not these gray area deductions will be allowed or shot down thus causing you to receive a fat bill for extra taxes. But if you aren't audited, you saved yourself a lot of tax money !

    For dancers like me that travel quite a bit from club to club, there is also a very helpful strategy which can reduce your taxes by increasing your auto expense deduction. I have one newer car which is owned by my business and which I use exclusively for business travel. I also have one older car which is owned by me personally which I used for shopping and everyday personal stuff. As a result 100% of the cost of owning and operating the newer car is tax deductible.

  8. #8
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:What do I keep track of?

    Do you report all of your earnings, just tab earnings or only what is traceable like rent, car note, savings/checking acct? Any feedback would be greatly appreciated.
    In the USA, you pretty much have to figure that, between the Patriot Act and computer technology, the IRS will have complete access to all of your financial information if they choose to ask for it. This means bank/checking account deposits, investment account deposits, retirement account deposits, mortgage/rent payments, car payments etc. However, the IRS also has at their disposal financial info from other people who work in the same profession as you do (resulting in the IRS having an average expected earnings figure for your profession). The IRS also has at their disposal regional demographic and financial info specific to your zip code (resulting in the IRS having an average expected cost of living figure for people living in your area). The IRS computers can then combine all of these factors to see if the amount of money you actually reported as income jives with the amount of money other people in your profession reported as income, and the amount of income you must have earned in order to afford the bank/checking/investment/retirement account deposits, rent/mortgage payments and car payments you are actually making and still cover costs of food, utilities etc. If there is a major disparity, "aaa-ooo-gah" - audit time !

    The other factor stemming from reported income is creditworthyness. To financial institutions, income does not exist if it was not reported on a tax return. Thus dancers who do not report their full income are jeopardizing their future chances of obtaining low interest home mortgages and car loans.

  9. #9
    God/dess GoldCoastGirl's Avatar
    Joined
    Oct 2002
    Location
    ...hehehe... email me to ask me where i am ! (i dare you!)
    Posts
    11,486
    Thanks
    42
    Thanked 126 Times in 50 Posts

    Default Re:What do I keep track of?

    aussiepunkshocker is like myself - an Australian. We both speak from an Australian perspective to help out those other Australian dancers subscribed to StripperWeb.

    As for what do I keep track of.....

    Earnings:
    If the club I work for takes a percentage or fee from every lap dance and/or tip - then I only declare what I end up with as my gross income. If the club I work for has a set fee to work - I declare all of what I earned prior to the fee being removed from my gross earnings.

    I keep the receipts from those clubs that charge a flat fee to work there.

    From my gross nightly income I take out the GST ... I divide the gross amount by 11 to find out the GST. I put this GST aside in the bank (refer to here for more info).

    At the end of each working week I total the amount I have earnt after GST has been taken out and take out the tax. I also take out 5% of my "after tax" money and donate it.

    I too can also claim a car as an allowable tax deduction if I do as Melonie has done. Use the car for business only (100%). Have another vechile (in my case, it would most likely be my moped motorcycle "Blowfly") for personal use.

    The same with airfare, accommodation, certain meals, laptop/notebook computer, MYOB software, costumes bought from an adult store (in my case I stick with Secret Desires in Southport or Foxy Babes Boutique in Burleigh - both Gold Coast based stores), shoes, make-up (my tax accountant okay-ed this because I am a performer and do stage), internet (80% of it is used for business), pre-pay mobile phone recharge cards (if your mobile is used 100% for business), business and investment related books.

    I put anything like manicures, pedicures, waxing, chiropractor, sports massage, etc into my "maybe" book of receipts. I allow my accountant to decide for me when it comes to tax time.

    Oh btw, I only do the GST because my turnover will be over $50,000 this financial year (I hope!).

    I now declare 100% of my income. You are better off this way because in the long run it will benefit you and cause you less grief around tax time. Not just that.. but if you don't claim 100% of your income.. you have to really watch what you buy and how you buy it.

    Hope this helps some of the Aussie strippers on the board


    enter: E3167322D9 for your 10% discount

  10. #10
    God/dess onlythebest's Avatar
    Joined
    Mar 2004
    Location
    Hurricane Wasteland,Louisiana
    Posts
    8,088
    Thanks
    0
    Thanked 23 Times in 19 Posts

    Default Re:What do I keep track of?

    Melonie,you can deduct large BA's?Are you serious?
    One of woman's cardinal rule: Body parts can be fake,everything else has to be real.

    一个女人的枢机规则:肢体可以伪造,一切必须真实.

    中国大CHINESE BIG BOOBS!!!中国大




  11. #11
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:What do I keep track of?

    Quote Originally Posted by onlythebest link=board=6;threadid=10516;start=msg133296#msg133 296 date=1089018690
    Melonie,you can deduct large BA's?Are you serious?
    Absolutely - a feature dancer named Cynthia Hess a.k.a. "Chesty Love" took the matter to tax court and won some years ago. The IRS "letter ruling", which applies to all girls in similar circumstances, decided in her favor based on the fact that she worked in a profession where larger breasts clearly had a business purpose by generating a higher income, and where the size of the implants she chose were well beyond the range any "housewife" would choose for purely personal reasons. My accountant tells me that tax deductions for implant sizes larger than 1000cc each will not be questioned by the IRS.

  12. #12
    God/dess onlythebest's Avatar
    Joined
    Mar 2004
    Location
    Hurricane Wasteland,Louisiana
    Posts
    8,088
    Thanks
    0
    Thanked 23 Times in 19 Posts

    Default Re:What do I keep track of?

    Damn,I'm 650 now and want to go up to 800.I'll have to see more 1000 cc BA's before I can decide on that.It sucks that they won't accept 800 cc's as a deduction.
    One of woman's cardinal rule: Body parts can be fake,everything else has to be real.

    一个女人的枢机规则:肢体可以伪造,一切必须真实.

    中国大CHINESE BIG BOOBS!!!中国大




  13. #13
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:What do I keep track of?

    It sucks that they won't accept 800 cc's as a deduction.
    Nope. My accountant tells me that 800cc implants are available to housewives right out of the implant catalog, and therefore do not meet the criteria. 1000cc implants and larger are all special order ( see who makes custom 1000cc implants for about the same price as catalog implants ) which gives support to the position that they were a deliberate decision made for business reasons.

    For a nice 1200cc (1000cc rated, overfilled 200) BA, see

  14. #14
    God/dess onlythebest's Avatar
    Joined
    Mar 2004
    Location
    Hurricane Wasteland,Louisiana
    Posts
    8,088
    Thanks
    0
    Thanked 23 Times in 19 Posts

    Default Re:What do I keep track of?

    What about 800 overfilled to 1000?Can those be deducted?
    One of woman's cardinal rule: Body parts can be fake,everything else has to be real.

    一个女人的枢机规则:肢体可以伪造,一切必须真实.

    中国大CHINESE BIG BOOBS!!!中国大




  15. #15
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:What do I keep track of?

    Quote Originally Posted by onlythebest link=board=6;threadid=10516;start=msg133775#msg133 775 date=1089120661
    What about 800 overfilled to 1000?Can those be deducted?
    Nope, 800cc rated implants fail the "housewife test", since they are available from any plastic surgeon and from stock at any US implant makerm, and there are definitely some houswives who get this size. The fact that the implants may be overfilled or not is immaterial ... 800cc = stock implant available to anybody, 1000cc+ = special order for business purposes.

  16. #16
    Featured Member noelle's Avatar
    Joined
    Jul 2004
    Location
    San Francisco
    Posts
    1,331
    Thanks
    224
    Thanked 311 Times in 178 Posts

    Default Re:What do I keep track of?

    Okay, I'm just getting into dancing and I want to do all this stuff right from the beginning. I've been ordering my outfits online with my credit card. What should I do when it comes to keeping track of this, since I dopn't have receipts? I am writing everything down in a notebook, but do I need some other form of proof for when I actually file my taxes?
    Quote Originally Posted by lokikola View Post
    If success meant being savage my woes would disappear.

  17. #17
    God/dess VADEN's Avatar
    Joined
    May 2004
    Location
    Florida
    Posts
    3,530
    Thanks
    0
    Thanked 7 Times in 6 Posts

    Default Re:What do I keep track of?

    I keep track of what I make every night on my computer and a log book.



  18. #18
    God/dess montythegeek's Avatar
    Joined
    Oct 2003
    Posts
    2,103
    Thanks
    0
    Thanked 9 Times in 5 Posts

    Default Re:What do I keep track of?

    Quote Originally Posted by VADEN link=board=6;threadid=10516;start=msg166373#msg166 373 date=1093798202
    I keep track of what I make every night on my computer and a log book.
    Vaden's "and" is a great idea. Computer hard disks do crash and get viruses which corrupt files. Play it safe; have a hard copy of records and save receipts.

  19. #19
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 27 Times in 22 Posts

    Default Re:What do I keep track of?

    Noelle: if you are ordering online, you should be able to print up the confirmation page...you can also use the "email confirmation" from the company. They will also send you a shipping reciept that shows what you ordered, when, how much, and when shipped. Keep that.

    I have 2 methods...one is a ledger with pockets (which goes to my accountant) and then I have a calendar with pockets (which I fill out on a daily basis--that I work). I do basically the same thing as Lilith. I record how much I made (x amount for the floor, x amount for champagne), how much I tipped to the housemom, DJ, and house, and also how much I paid to work that night, along with the hours that I worked (I also get paid as an employee). So...each month's receipts get put into one pocket organized by date. When I turn my ledger into my accountant, the only thing that she sees is how much I made (minus any "house charges" as Mel explained), a copy of each paystub I receive...and how much each entity was tipped at work. With that ledger, a small envelope with receipts for all of my work clothing, jewelry, make-up, and shoes. For tolls, I have an I-Pass, so I just download the "receipt" and highlight all of the tolls that pertain to work (which can be compared with the hours that I said I worked). I also write the mileage down to and from for each day at work. Since I am not 1099, I cannot "deduct" as much, but I let my accountant sort that out.

    Sorry that was so long.

  20. #20
    Featured Member noelle's Avatar
    Joined
    Jul 2004
    Location
    San Francisco
    Posts
    1,331
    Thanks
    224
    Thanked 311 Times in 178 Posts

    Default Re:What do I keep track of?

    Thanks VG, that was really helpful!
    Quote Originally Posted by lokikola View Post
    If success meant being savage my woes would disappear.

  21. #21
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:What do I keep track of?

    I've been ordering my outfits online with my credit card. What should I do when it comes to keeping track of this, since I dopn't have receipts? I am writing everything down in a notebook, but do I need some other form of proof for when I actually file my taxes?
    You actually DO have receipts, in the form of 'line item charges' on your credit card statements. This is not as good as saving the actual individual receipts which are shipped in the box with the items you purchased, or by printing out the order confirmation page, because the credit card statement will not include a description of the items you purchased only the total amount you spent and the name of the store/business where you spent it. However it is definite proof that you did spend money on something.

    Officially speaking, "self-generated" financial records such as a handwritten ledger or hand typed QuickBooks entries aren't considered "official proof of payment" - simply because their accuracy depends on the honesty of the person making the entries. If you are ever audited, it certainly helps if you do have some "official" receipts to back up the hand written/typed entries you have made.

  22. #22
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 27 Times in 22 Posts

    Default Re:What do I keep track of?

    Understood, but in this line of business where everything is cash...there's not much else to go on. In my eyes...as long as I'm honest about what I'm bringing home and paying the taxes on that...it should be good. There's no way for them to prove you actually made more (unless you claim that you made $50,000 last year and have $95,000 in the bank a new car and put a fat chunk of down payment on a house). If I say that I made $50,000 last year and my bank deposits reflect deposits of $50,000...then there is really nothing that they can hit me on. At least, that I what I thought...

  23. #23
    Senior Member
    Joined
    Sep 2004
    Posts
    152
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re:What do I keep track of?

    I put mine in an Excel spreadsheet and it was very helpful to me in choosing days/shifts/etc.

    I had a column for "Day of the week + AM or PM". Then a column for the date. Then my gross (as defined by Melonie: not what the clubs quotes, but what you were paid). Then I had expense columns for costumes, house fees, tip out, etc., and net.

    Based on net earnings, I had a chart with V-Lookups on the first column (day of week/shift) to keep a running average, standard deviation, min, and max by shift.

    This was very useful to me because:

    Saturdays were by far my most lucrative shift. I never would have thought that had I not kept track, because all the girls shun Saturdays and they SEEM slow when you're there. However they consistently paid better.

    One would think Friday nights would be hot. Indeed I had a good Friday night once. However my spreadsheet showed me (in the "Min" column, that my only nights where I went home in the negative after paying house fees etc were on Friday nights. The club SEEMS full, but the money was not making it home with me. I never worked another Friday.

    I ended up changing my schedule completely and tripling my earnings. You can also plan better for seasonal fluctuations once you've tracked it for a while.

    I even had initials for regulars. I could tell when they came in and start recognizing patterns. This was great when I'd have more than one regular there at one time and had to make a decision.



  24. #24
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re:What do I keep track of?

    f I say that I made $50,000 last year and my bank deposits reflect deposits of $50,000...then there is really nothing that they can hit me on. At least, that I what I thought...
    I can't tell you that this is absolute fact, but I am told that the IRS has a 'cost of living' formula which varies from zip code to zip code. I am further told that during an audit the IRS factors in that 'cost of living' estimate when looking at the difference between declared earnings and documented expenditures. Thus I suppose it's possible that if you declare $50,000 in gross earnings and your bank account also shows $50,000 worth of checking account deposits that this could draw suspicion. Of course if you can show cancelled checks for food, gasoline, clothes etc. as well as your rent/mortgage payments, car payments, utility bills etc. then the IRS wouldn't have much of an argument.

  25. #25
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 27 Times in 22 Posts

    Default Re:What do I keep track of?

    True...but they would also need to factor into the equation my SO's earning (commission), his job reimbursements, his bonuses, advances, his DJ'ing money (which is reported and declared) and then my money. Seems like it would be more hassle than it's worth. JMHO.

    Anyways...there are some dancers that report making $30,000 in a year...and I KNOW they are making much, much, much more than that (like about $90,000). They have an expensive car...high rent and lots of high end clothing, etc. They live WAY above their means if they are making $30,000. Even if they pay in cash...you KNOW that they are making way more than that.

    In my case, we use Scorpio's money as our main income and "live" off of that. Anything I make is icing on the cake. I have deposit slips to a savings account which holds my earnings. If they want to try and dispute that...they are more than welcome to try. I have nothing to hide. But, I know for a lot of dancers, it is not that way...unfortunately.

Page 1 of 2 12 LastLast

Similar Threads

  1. On the Right Track
    By BrunetteGoddess in forum Body Business
    Replies: 10
    Last Post: 06-20-2007, 11:09 PM
  2. How to get back on track
    By mollyzmoon in forum Hustle Hut
    Replies: 22
    Last Post: 02-13-2007, 04:21 PM
  3. Got off track! Binged!
    By Gymgirlygal24 in forum Body Business
    Replies: 4
    Last Post: 01-27-2007, 08:23 AM
  4. What do you do to keep on track?
    By big_daddy in forum Body Business
    Replies: 17
    Last Post: 01-12-2007, 07:58 AM
  5. keeping track of $
    By cheetahchick in forum Dollar Den
    Replies: 1
    Last Post: 12-18-2006, 04:52 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •